Parsvnath repays Rs 60-crore debt to Essel Finance

New Delhi: Realty firm Parsvnath Developers has cleared a debt of Rs 60 crore to Essel Finance and some other investors through redemption of non-convertible debentures (NCDs).

"We have cleared the NCDs of Essel Finance and their investors of Rs 60 crore," Parsvnath Developers Chairman Pradeep Jain said.

Parsvnath Developers has made premature redemption of 6,000 Nos. Secured freely transferable non-marketable and non convertible debentures - Series XII & Series XIII NCDs by making full payment of principal amount and interest thereon to the concerned debenture holders, it had said in a regulatory filing yesterday.

Accordingly, the NCDs stand fully redeemed.

Parsvnath has been raising funds through NCDs to prepay its costlier debt, which currently stands at about Rs 1,200 crore.

In March, the company had raised Rs 355 crore from Edelweiss through issue of NCDs.

Recently, Parsvnath Developers got shareholders approval to raise up to Rs 1,000 crore through private placement of NCDs, a significant source of borrowings for the company.

Besides raising funds through NCDs, Parsvnath got back Rs 572 crore earlier this year from Chandigarh Housing Board (CHB) after both the parties agreed to accept arbitration award. The realty firm surrendered 124 acres to the CHB.

Parsvnath has presence in 42 cities and 15 states. It has so far completed 55 projects with 24.75 million sq ft of developed area.

Currently, 48 projects are under construction, comprising nearly 70 million sq ft of area. It has a land bank of 143 million sq ft.